MTradingGlobal

MTradingGlobal

USDCAD retreats from the highest level in 29 months as bulls appear to run out of steam. That being said, the recent moves of oscillators and the rising wedge bearish formation on the top teases sellers at the multi-month top. However, a clear downside break of the stated pattern’s support line, around 1.3930 by the press time, as well as the smashing of the...

MTradingGlobal

USDJPY poked the year 1998 high on Thursday while piercing a weekly resistance line, staying near the immediate resistance line of late. That said, the RSI is overbought as the pair struggles with the 24-year high near 147.70, which in turn suggests hardships for the further upside move. If the quote crosses the 147.70 hurdle, its run-up towards an upward-sloping...

MTradingGlobal

A two-month-old previous resistance line defends gold buyers as they seek clarity ahead of the US Consumer Price Index (CPI) data. Also keeping the metal bulls hopeful is the 50-SMA’s piercing of the 200-SMA from below, known as the bull cross or golden cross. It’s worth noting, however, that the recovery remains elusive unless the bullion stays successfully...

MTradingGlobal

EURUSD bears take a rest around the two-week-old horizontal support area while waiting for this week’s key catalysts, namely FOMC Meeting Minutes and US CPI. That said, sluggish RSI and bearish MACD signals join the quote’s sustained trading below the 50-SMA to keep sellers hopeful. However, a clear downside break of the 0.9665-50 region appears necessary for the...

MTradingGlobal

GBPUSD holds onto the previous week’s downside break of the 50-SMA and a two-week-old support line, now resistance around 1.1160. Although the nearly oversold RSI suggests limited room towards the south, the bearish MACD signals keep the bears hopeful. That said, a horizontal area comprising the lows marked during late September, around 1.0930-20, lures intraday...

MTradingGlobal

Brent oil crossed a downward-sloping resistance from mid-June to refresh the monthly top on Friday. However, a sustained break of the 100-day EMA, around $99.50 by the press time, as well as the $100.00 threshold, appears necessary for the buyer’s conviction. Following that, the black gold price could quickly rise towards the 50% Fibonacci retracement of the...

MTradingGlobal

Gold retreats towards $1,710 while fading the upside break of a seven-month-old resistance. In doing so, the yellow metal stays inside the bearish trend channel connecting levels marked since late April. That said, the latest pullback remains elusive until the quote remains beyond the aforementioned previous resistance line, around $1,685 at the latest. Following...

MTradingGlobal

GBPUSD remains inside an eight-day-old bullish channel, as well as the 100-SMA, suggesting further upside. However, the 200-SMA and a downward sloping resistance line from August 26, respectively around 1.1430 and 1.1480, appear tough nuts to crack for the pair buyers. Also challenging the north-run is the RSI conditions which gradually approach the overbought...

MTradingGlobal

Although the RBNZ didn’t disappoint, like the RBA, and announced a widely expected 0.50% rate hike, the NZDUSD pair remains mildly bid after refreshing the weekly top. In doing so, the Kiwi pair stays below a one-week-old horizontal hurdle surrounding 0.5750. With this, the odds of the quote’s pullback towards the latest swing low near 0.5680 can’t be ruled out....

MTradingGlobal

AUDUSD reverses the previous weekly gains as the RBA disappoints bulls with 25 basis points (bps) of a rate hike, compared to a widely anticipated 50 bps move. With this, the Aussie pair reverses from a two-week-old resistance line, as well as a horizontal area comprising multiple tops marked since September 26. That said, the pair’s latest weakness aims for the...

MTradingGlobal

EURUSD defends the first weekly gain in three around the 20-year low during early Monday. The recovery also gains support from the RSI and the MACD. However, an downward sloping resistance line from September 12, around 0.9830 by the press time, challenges the immediate upside moves. In a case where the quote rises past 0.9830, the 200-SMA and the 61.8% Fibonacci...

MTradingGlobal

Gold braces for the first weekly gain in three while bouncing off a two-year low inside a one-month-old bearish channel. That said, the metal’s latest recovery approaches a fortnight-old hurdle surrounding $1665. Any further upside, however, will be challenged by the stated channel’s upper limit, close to $1,680. If the buyers manage to defy the bearish chart...

MTradingGlobal

AUDUSD fails to extend the previous day’s corrective bounce off the two-year low as a 12-day-old resistance line joins the 61.8% Fibonacci Expansion (FE) of April-August moves, around 0.6530, to recall the bears. The nearly oversold RSI conditions, however, challenge the pullback moves, which in turn suggest limited downside and highlight the 78.6% FE level near...

MTradingGlobal

USDJPY has been navigating inside the 300-pip trading range at a 24-year high in the last three weeks. Despite the yen pair’s latest inaction, the lower low on prices joins the lower bottom on the RSI (14), which in turn joins firmer MACD to keep the buyers hopeful. However, a clear upside break of 144.75, comprising the 78.6% Fibonacci Expansion (FE) of the...

MTradingGlobal

GBPUSD holds onto the rebound from an all-time low, marked the previous day, amid oversold RSI conditions. The recovery also crossed the previous record bottom printed in 1985. However, the 1.1000 round figure and a downside sloping support-turned-resistance line from May, around 1.1280 by the press time, restricts the Cable pair’s immediate rebound. Also acting...

MTradingGlobal

Although June 1989’s low test EUR/USD bears, a clear downside break of the 2.5-month-old support line, now resistance around 0.9850, keeps sellers hopeful at the lowest levels in 20 years. Even so, the major currency pair stays inside a bearish channel formation established on May 12 and has its support line located around 0.9490 by the press time. Additionally,...

MTradingGlobal

GBPUSD renews 37-year low, breaking four-month-old support line and 61.8% Fibonacci Expansion (FE) of the GBPUSD pair’s moves between August 17 and September 13, close to 1.1290, as traders await the Bank of England’s (BOE) monetary policy updates. Though the cable pair broke the nearby key support, now resistance around 1.1290, oversold RSI conditions and a...

MTradingGlobal

Gold holds lower ground near the yearly bottom as the market braces for the Fed’s rate hike. In doing so, the yellow metal remains inside a six-week-old trend-widening pattern. That said, the quote is likely to stay bearish unless crossing the $1,715 hurdle. Ahead of that, the two-month-long horizontal resistance area surrounding $1,696 and the $1,700 threshold...